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Baner Club > Blog > Business > $100 million in 1MDB-related assets to be returned to Malaysia.
Business

$100 million in 1MDB-related assets to be returned to Malaysia.

The United States said that assets valued at $67 million would be released to Malaysia, along with works by Claude Monet and Andy Warhol, as well as a lavish apartment in Paris.

Last updated: 2024/06/27 at 11:04 AM
Published June 27, 2024
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The assets, according to the prosecution, are connected to money raised in 2012 and 2013 for the 1Malaysia Development Berhad (1MDB) fund.
Mr. Low is a wanted fugitive who is still at large, although it is unknown where he is.
The assets will add to the approximately $1.4 billion that was already returned with US assistance, according to the Justice Department. Allegedly, more than $4.5 billion was taken from the 1MDB fund in total.
The US said that it would work with other nations to organize the transfer of assets held outside to Malaysia as part of the agreement agreed with Mr. Low, his family, and the organizations he formed.

The agreement settles the civil forfeiture lawsuit against Low, who paid almost $35 million for a luxurious flat in Paris and artwork by painters Andy Warhol and Claude Monet that was located in Switzerland, according to the Justice Department.
Parties also agreed to transfer real estate and money from bank accounts in Hong Kong, Singapore, and Switzerland totaling about $67 million back to Malaysia.
It is claimed that Mr. Low, whose true name is Low Taek Jho, was at the center of the 1MDB crisis, in which billions of dollars from a public fund intended to aid Malaysian citizens vanished.

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